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CRUDEOIL

SELL CRUDEOIL MAY @ 5400 SL 5480 TGT 5320-5250. MCX

Observations

Crudeoil trading range for the day is 5199-5435.

Crude oil prices edged up on easing U.S.-China trade tensions.

IEA hikes supply growth forecast, eyes surplus this year and next.

EIA said it expects OPEC+ to keep production below the group's current target path.

The EIA now expects U.S. oil output to set a smaller record this year at 13.42 million bpd.

NATURAL GAS

SELL NATURALGAS MAY @ 290 SL 295 TGT 282-276. MCX

Observations

Naturalgas trading range for the day is 276.5-299.7.

Natural gas dips on smaller output drop, weaker LNG flows, and soft demand outlook Gas stockpiles were around 3% above the five-year (2020-2024) normal.

Average gas output in the Lower 48 U.S. states fell to 103.7 bcfd so far in May.

Average gas demand in the Lower 48, will hold around 96.3 bcfd and next before easing to 94.0 bcfd in two weeks.